For a few months now, Shiba Inu has been on the lips of most members of the crypto community. But despite the praises accorded to the dog-themed crypto due to its performance in the crypto market, analysis has found fault in its lingering supply.
The architect of XRP and the CTO of Ripple, David Schwartz, spoke about this same issue in a tweet on Friday.
XRP Architect Slams Shiba Inu
David, who is one of the founding architects of the Ripple’s XRP Ledger, made a joke of Shiba on its supply. He said the loss of zillion SHIB would equal a loss of $1.37.
According to the crypto market performance, Shiba Inu rose from nowhere to become the thirteenth-ranked crypto in the market based on market cap. Compared to the supply of BTC which is 21 million, the coin dubbed “DogeCoin Killer” was designed for abundant supply intentionally.
The coin entered the market with a circulating supply of 1 quadrillion in 2020 of which half of it was gifted to Vitalik Buterin, the co-founder of Ethereum which he donated a larger part to charity organizations as support for the COVID-19 pandemic earlier this year and burned the remaining as a way of dissociating himself from the project.
This sarcastic comment from Ripple CTO came in less than a week after about 893.8 billion SHIB coins valued at $32 million at current value were stolen in the Bitmart exchange attack. After the attack, the Shiba Community and Huobi Exchange pledge to help Bitmart overcome the attack.
A Life-Changing Rally from Shiba Despite Huge Supply
As expected, the joke from David Schwartz doesn’t sit well with SHIB fans. A member of the SHIBArmy responding to the comments said despite the infinite supply of SHIB tokens, the meme coin has still outperformed Ripple’s XRP.
The Twitter user in a tweet said, “At least people who invested in Shiba Inu has made profit compared to the ones holding $XRP who seem to be holding a dead coin for more than 4 years.”
Comparing the performance of the two tokens, the performance of $SHIB has been mind-blowing which has made millionaires from a little investment. On the other hand, XRP is down by 75.5% from its ATH of $3.40 in January 2018. As a matter of fact, Ripple’s XRP is one of the few tokens that has seen a new ATH in the recent crypto market rally.
XRP supporters have attributed the slow performance of the token to the lawsuit filed by the SEC of the United States against Ripple for violating securities laws. And the case is still ongoing in court.